Monthly Archives: April 2021

News: With Workfront, Adobe combines automated workflow with customer experience

Five months ago, Adobe purchased Workfront for $1.5 billion, a company that helps build marketing department workflows. Today the company is officially announcing how it intends to use it. As marketing executives try to balance mapping strategy to the creative process while building customized experiences, a marketing workflow tool would fit neatly into Adobe Experience

Five months ago, Adobe purchased Workfront for $1.5 billion, a company that helps build marketing department workflows. Today the company is officially announcing how it intends to use it. As marketing executives try to balance mapping strategy to the creative process while building customized experiences, a marketing workflow tool would fit neatly into Adobe Experience Manager (AEM), and that’s where it has landed.

Alex Shootman, who was CEO at Workfront and is now VP and GM of Adobe Workfront, told me they see the tool as the system of record for the marketing department inside of AEM. While there is more than a hint of marketing in that explanation, the data from Workfront’s workflows acts as a record of the creative process.

As part of Adobe, the company has built hooks into Experience Manager and Creative Cloud to enable marketing’s creative work to move through an organized and auditable process, leaving a data trail that lets management know exactly what happened, a marketing system of record.

Shootman says having this system of record in place allows marketing teams to do several things. For starters, it lets them connect strategy to execution. “If you think about a CMO, he or she and their team is developing the key priorities for decisions for the year or for the quarter [and this helps them] take those key priorities and make sure that they are driving the activities within the marketing organization,” he said.

He says that involves connecting the people, processes and data within marketing into a single system where teams can iteratively plan on the work as changes arise. That’s where Workfront comes into play.

Brent Leary, lead analyst at CRM Essentials, says the approach makes a great deal of sense. “Creating enough personalized content at scale to stay connected with customers as their needs evolve over time is a team sport. That calls for tighter collaboration throughout the creation process, and Workfront within the AEM brings a sophisticated project management capability to the creative process,” Leary said.

During the pandemic, that became imperative as the majority of sales moved on online. That increased the need for speed and agility. Having this workflow tool in place inside the Adobe Experience Manager means it’s not only allowing marketing to build customized experiences for its customers, it also enables them to automate the workflows behind those customizations.

The way this could work in practice is a marketing team creates a campaign and maps it out in Workfront. From there, creatives get assigned tasks and these tasks show up in Creative Cloud. When they complete the assignment, it automatically goes back into Workfront where it will be reviewed, eventually get approved and get published to the Digital Asset Management (DAM) tool where it will be available for use by the entire marketing team.

When it comes to acquisitions, it’s hard to know how well they’ll turn out, but Workfront seems particularly well suited to the Adobe ecosystem, a tool that can help bring a missing workflow automation component to the entire creative process, while allowing marketing execs to see exactly how their strategy played out.

News: Family tracking app Life360 to acquire wearable location device Jiobit for $37M

Popular family tracking app Life360 is investing in hardware. The company this morning announced the $37 million acquisition of Chicago-based Jiobit, the maker of a wearable location device designed for use by families with younger children, pets, or seniors. The $37 million is primarily in stock and debt, Life360 notes, but if certain performance metrics

Popular family tracking app Life360 is investing in hardware. The company this morning announced the $37 million acquisition of Chicago-based Jiobit, the maker of a wearable location device designed for use by families with younger children, pets, or seniors. The $37 million is primarily in stock and debt, Life360 notes, but if certain performance metrics are met within two calendar years following the deal’s close, the deal price could increase to $54.5 million.

The Jiobit was first introduced on the market in 2018, mainly as a kid and pet tracker. The small, lightweight device can be attached to items kids wear or carry, like belt loops, shoelaces, and school backpacks, and appealed in particular to families who wanted a way to track younger children who didn’t yet have their own mobile device. Earlier this year, the company launched an updated version of the Jiobit ($129.99) that included a combination of radios (Bluetooth, Wi-Fi, cellular and GPS), as well as sensors, including an accelerometer/pedometer, temperature sensor and barometer.

The new antenna system was specifically designed to increase performance inside schools, stores, high rises and other challenging signal environments. It also leveraged the reach of low-power, wide-area (LPWA) wireless networks in order to better serve rural regions where cellular coverage is limited and spotty. And the new device was waterproof (IPX8) up to 30 minutes in up to 5 feet of water and had a longer battery life.

Image Credits: Jiobit

Life360 envisions adding the Jiobit to its existing family safety membership, allowing family members and pets with the device attached to show in the Life360 mobile app’s map interface, alongside other family members. Life360’s paid users (Premium members) would get a discounted Jiobit along with their subscription.

“We’ve long wanted to expand beyond the smartphone into wearable devices, and Jiobit offers the market leading device for pets, younger children, and seniors,” said Chris Hulls, CEO and co-founder of Life360, in a statement about the deal. “With Jiobit, Life360 would be the market leader in both hardware and software products for families once the deal closes. We will continue to seek out additional opportunities that could further cement our position as the leading digital safety brand for families,” he added.

Image Credits: Life360

San Francisco-based Life360 made a name for itself over the years as an app that parents love, but teens hate. In more recent months, however, the company has been responsive to teens’ criticism of being helicopter-parented with no freedom of privacy, by announcing new features like “bubbles” that instead allow the teen to share a generalized location instead of their specific whereabouts. Hulls has also regularly engaged with teens via TikTok, in a clever marketing move.

As of the end of 2020, Life360 claimed more than 26 million monthly active users across 195 countries.

The acquisition is still pending the approval of the boards of the two companies.

News: Adobe launches a new, simplified digital asset manager

Adobe today announced the launch of a new asset management tool, Adobe Experience Manager Assets Essentials. That’s a mouthful, but while the company didn’t necessarily simplify the name, the idea here is to give teams that work with lots of digital assets an easier-to-use management experience in the Adobe Experience Cloud than Adobe’s current enterprise-centric

Adobe today announced the launch of a new asset management tool, Adobe Experience Manager Assets Essentials. That’s a mouthful, but while the company didn’t necessarily simplify the name, the idea here is to give teams that work with lots of digital assets an easier-to-use management experience in the Adobe Experience Cloud than Adobe’s current enterprise-centric asset management tool can offer.

In addition, Adobe is also launching the first tool to integrate this new experience: the Adobe Journey Optimizer. This new tool is meant to help users leverage their customer data to build out customer journeys and figure out the best ways to deliver messages and content along that journey.

“The push towards digital content and building these richer, engaging experiences — customers expect it,” Elliot Sedegah, director of Strategy and Product Marketing, Adobe, told me. “Almost every interaction that you go along, you expect a rich experience. And not only at that point of just having richer material, like images or video, etc., but you expect it at every point of interaction with that customer. So that customer, if you think of it, isn’t just interacting with a brand, but our customers, they think of it as a customer journey. So using the same content, from awareness to conversion to post-sale and loyalty — they expect that same story to maintain. And it’s getting increasingly hard to get to all the different touchpoints.”

Image Credits: Adobe

Like with similar products, the idea here is to create a centralized, collaborative space for content creators and the teams that use their work. In that respect, this new tool isn’t necessarily all that different from other shared online file management services. But Adobe is also leveraging some of its unique capabilities. It’s using its AI smarts and Adobe Sensei platform to help users organize and tag their assets, for example, to make them more easily searchable. And the new tool is integrated with Adobe Asset Link, so creative professionals can search, browse and edit these assets directly from Photoshop, Illustrator, InDesign and XD without having to switch context.

As Sedegah noted, not too long ago, it was mostly the creative teams and marketing that were involved in the content creation and management process. But today, this group also includes sales teams and customer support, for example, and the pandemic only accelerated this process.

Image Credits: Adobe

“[Our customers] have been forced to rethink their business models, rethink the way that they engage with customers — and it essentially accelerated this digital-everywhere process of the experiences customers get, the agility that customers expect from businesses, and then the number of people — and how they work — leveraging that content.”

So while Adobe’s enterprise asset management tools worked just fine before, the company’s users were telling it that it needed to do a better job at creating tools that made its asset management technology easier to use by more teams.

The first tool to integrate this new asset management experience directly is the Journey Optimizer. “That was a great opportunity for us to rethink that user experience that our customers wanted to deliver — and then make it easier for that person to do,” Sedegah said. “So as you’re building out a content journey — or maybe you’re designing a piece of content that’s going to get sent to maybe a customer as they engage with a brand — the digital assets appear right there for that author to use.”

Next up for integration is Workfront, the work management platform Adobe acquired last year. There’s an obvious synergy here between Workfront’s abilities to manage the planning, review and approval stages of a project and an asset management system like this.

The long-term strategy, though, is to integrate this experience across all Experience Cloud applications.

News: Teen banking service Step raises $100M Series C, announces Steph Curry’s investment

Step, the digital banking service aimed at teens and endorsed by TikTok star Charli D’Amelio, announced this morning the close of a $100 million round of Series C funding after growing to over 1.5 million users just six months after launch. The new round, led by General Catalyst, comes shortly after Step’s $50 million Series

Step, the digital banking service aimed at teens and endorsed by TikTok star Charli D’Amelio, announced this morning the close of a $100 million round of Series C funding after growing to over 1.5 million users just six months after launch. The new round, led by General Catalyst, comes shortly after Step’s $50 million Series B, announced at the end of last year after the startup hit half a million users in only two months post-launch.

The new round also includes participation from Step’s existing investors, Coatue, Stripe, Charli D’Amelio, The Chainsmokers, Will Smith and Jeffrey Katzenberg, and brings on newcomer Franklin Templeton, signaling a plan to move into investments is on the horizon. It also includes actor and musician Jared Leto. Step is also formally announcing NBA All-Star Stephen Curry as an investor, which had not previously been disclosed, as well as former Square executives, Sarah Friar, Jacqueline Reses and Gokul Rajaram.

As a result of the fundraise, Kyle Doherty of General Catalyst is joining Step’s board. To date, Step has raised over $175 million.

Image Credits: Step

According to CEO CJ MacDonald, Step hasn’t yet spent the money from its Series B yet, but believes the additional funds can help the startup to grow more quickly.

“We’ve signed up more than a million and a half accounts in the first six months. We’re signing up 10,000 accounts-plus a day, and there’s just a lot of things that we want to do to bring this to millions and millions of households to help educate the next generation be smarter with money,” he says. At the time of the Series B, for comparison, Step said it was adding round 7,000 to 10,000 accounts per day.

“Honestly we don’t need the capital,” MacDonald added. “It’s just we think speed to market is really key and we think we can accelerate our growth and invest in infrastructure.”

The company is also planning to hire across operations, engineering, product, and design, to double its now 65-person team over the next year.

Step today competes in a crowded market of mobile banking services aimed at a younger demographic, but it’s one of very few that targets teenagers ages 13 to 18. Through Step’s app, teens gain access to an FDIC-insured bank account without fees and a secured Visa card that helps them to establish credit before they turn 18. The app also offers Venmo-like functionality for sending money to friends.

Image Credits: Step

Step’s growth so far has benefitted from a combination of factors including word-of-mouth, use of social media, and its popular referral program, which has paid out a few dollars per new sign-up. Step has also leveraged its partnerships with social media influencers like D’Amelio and Josh Richards as well as celebs like Step investor Justin Timberlake.

The company believes the Curry announcement may also help to raise awareness about the banking app. As a father of three, if Curry talks about introducing Step to his own children, people will take notice.

While the additional funds are focused on driving growth, Step is also thinking about its future as its existing users begin to age up. The company plans to enter into the credit and lending market, as well as introduce investments at some point in the future. The Franklin Templeton investment could be useful here, MacDonald notes.

“Franklin [Templeton is] obviously, one of the largest financial institutions in the world. And, as we start thinking about investments and the journey of the customer, to have a great brand like Franklin Templeton that’s invested in this round — I think it’s just a testament to where they see the world going,” he says.

 

 

News: Amazon announces new Fire tablets and kids editions

There’s a bunch of tablet news coming from Amazon this morning. Leading the way is the release of two new 10-inch devices: the Fire HD 10 and Fire HD 10 Plus. The former features a 1080p display with a bump in brightness, an unnamed eight-core processor and 3GB of RAM — a 50% jump over

There’s a bunch of tablet news coming from Amazon this morning. Leading the way is the release of two new 10-inch devices: the Fire HD 10 and Fire HD 10 Plus. The former features a 1080p display with a bump in brightness, an unnamed eight-core processor and 3GB of RAM — a 50% jump over the last version.

The device is thinner and lighter, with a stated 12 hours of battery life. As ever, the headliner here is the price. The system starts at $150, which includes 32GB of storage, which you can upgrade to 64GB. Adding $30 will upgrade you to the Plus, which bumps the RAM to 4GB, adds wireless Qi charging and upgrade’s the device’s finish.

There’s also a $220 bundle that includes a keyboard case and a year subscription to Microsoft 365 Personal. Or you can buy the magnetic case separately for $50.

The Fire 10 Kids tablet is getting an upgrade as well, featuring the same battery life, coupled with a 10.1-inch HD display. That’s encased in a kid-proof case that features a combo kickstand/handle. It runs $200 and is aimed at ages 3 to 7.

Image Credits: Amazon

Joining it is the Fire Kids Pro. We may have lost all meaning of the word “Pro” when it comes to consumer hardware. Here it means the device is aimed at slightly older and tech-savvy kids — namely ages 6 to 12. The device includes a digital store with restricted access, including some bigger apps like Disney+, Spotify, Minecraft and Zoom, which kids can request. That, along with much of the content, can be monitored via parental controls.

Image Credits: Amazon

The tablet has a browser (again with restricted access). The company notes that YouTube access is on by default, since the service has become an important part of remote learning, though again, parents can restrict access. There’s no YouTube app, however, as Google hasn’t made one for Fire tablet — perhaps owing to ongoing friction between the companies.

The Fire 7 Kids Pro is $100 and the Fire HD 8 Kids Pro is $140. The devices are up for preorder today and are set to ship May 26.

News: Arm launches its latest chip design for HPC, data centers and the edge

Arm today announced the launch of two new platforms, Arm Neoverse V1 and Neoverse N2, as well as a new mesh interconnect for them. As you can tell from the name, V1 is a completely new product and maybe the best example yet of Arm’s ambitions in the data center, high-performance computing and machine learning

Arm today announced the launch of two new platforms, Arm Neoverse V1 and Neoverse N2, as well as a new mesh interconnect for them. As you can tell from the name, V1 is a completely new product and maybe the best example yet of Arm’s ambitions in the data center, high-performance computing and machine learning space. N2 is Arm’s next-generation general compute platform that is meant to span use cases from hyperscale clouds to SmartNICs and running edge workloads. It’s also the first design based on the company’s new Armv9 architecture.

Not too long ago, high-performance computing was dominated by a small number of players, but the Arm ecosystem has scored its fair share of wins here recently, with supercomputers in South Korea, India and France betting on it. The promise of V1 is that it will vastly outperform the older N1 platform, with a 2x gain in floating-point performance, for example, and a 4x gain in machine learning performance.

Image Credits: Arm

“The V1 is about how much performance can we bring — and that was the goal,” Chris Bergey, SVP and GM of Arm’s Infrastructure Line of Business, told me. He also noted that the V1 is Arm’s widest architecture yet. He noted that while V1 wasn’t specifically built for the HPC market, it was definitely a target market. And while the current Neoverse V1 platform isn’t based on the new Armv9 architecture yet, the next generation will be.

N2, on the other hand, is all about getting the most performance per watt, Bergey stressed. “This is really about staying in that same performance-per-watt-type envelope that we have within N1 but bringing more performance,” he said. In Arm’s testing, NGINX saw a 1.3x performance increase versus the previous generation, for example.

Image Credits: Arm

In many ways, today’s release is also a chance for Arm to highlight its recent customer wins. AWS Graviton2 is obviously doing quite well, but Oracle is also betting on Ampere’s Arm-based Altra CPUs for its cloud infrastructure.

“We believe Arm is going to be everywhere — from edge to the cloud. We are seeing N1-based processors deliver consistent performance, scalability and security that customers want from Cloud infrastructure,” said Bev Crair, senior VP, Oracle Cloud Infrastructure Compute. “Partnering with Ampere Computing and leading ISVs, Oracle is making Arm server-side development a first-class, easy and cost-effective solution.”

Meanwhile, Alibaba Cloud and Tencent are both investing in Arm-based hardware for their cloud services as well, while Marvell will use the Neoverse V2 architecture for its OCTEON networking solutions.

News: ZenGo raises $20 million for its secure crypto wallet app

ZenGo, a mobile app to manage your cryptocurrencies, has raised a $20 million Series A funding round led by Insight Partners. ZenGo is a non-custodial wallet, which means that the company doesn’t manage your crypto assets for you — you remain in control. Other investors include Distributed Global and Austin Rief Ventures. Existing investors Benson Oak,

ZenGo, a mobile app to manage your cryptocurrencies, has raised a $20 million Series A funding round led by Insight Partners. ZenGo is a non-custodial wallet, which means that the company doesn’t manage your crypto assets for you — you remain in control.

Other investors include Distributed Global and Austin Rief Ventures. Existing investors Benson Oak, Samsung Next, Elron, Collider Ventures, FJ Labs and others also participated in today’s funding round.

What makes ZenGo different from other wallet apps is that the company is trying to build something that is more secure than your average crypto wallet while remaining simple to use and understand. It competes with other non-custodial wallets, such as Coinbase Wallet (not Coinbase.com), Argent, etc.

In particular, ZenGo is based on multiparty computation (MPC). When you first create your wallet, ZenGo generates multiple secrets that are stored and encrypted in different ways. It means that the company can’t access your tokens directly and you can recover your wallet if you lose your phone.

Other crypto companies focused on infrastructure and enterprise clients have also opted for MPC as their security model. Fireblocks, a company that has recently raised $133 million, is one example.

But ZenGo is building a consumer app. In 2020, the company has processed over $100 million in crypto transactions from 100,000 users. ZenGo has reached the same milestone in the first three months of 2021 and added another 100,000 users.

You can browse DeFi projects through ZenGo and access savings pools. The startup takes a cut on these investments.

With today’s funding round, ZenGo plans to expand with the same philosophy in mind. You can expect support for more chains and assets, more partnerships and options to buy cryptocurrencies and convert them to fiat money, etc.

The company recently announced plans to launch a debit card. This way, users will be able to convert their crypto assets and then spend them wherever Visa cards are accepted. In other words, ZenGo is building a crypto super app with a focus on security.

Image Credits: ZenGo

News: Wingcopter debuts a triple-drop drone to create “logistical highways in the sky”

German startup Wingcopter has launched a new autonomous delivery drone designed to remove a technical bottleneck hindering the growth of drone transport services. The Wingcopter 198, which was revealed Tuesday, is capable of making three separate deliveries per flight, the company said. Wingcopter has couched this multi-stop capability as a critical feature that will allow

German startup Wingcopter has launched a new autonomous delivery drone designed to remove a technical bottleneck hindering the growth of drone transport services.

The Wingcopter 198, which was revealed Tuesday, is capable of making three separate deliveries per flight, the company said. Wingcopter has couched this multi-stop capability as a critical feature that will allow it to grow a cost-efficient — and hopefully profitable — drone delivery as a service business.

The company, which was founded in 2017, got its start manufacturing drones. It used the revenue to scale and now expand its business model to include drone-delivery-as-a-service. “That’s actually our next mission, to not just build drones, but to build networks,” CEO Tom Plümmer told TechCrunch. The company’s website is now promoting the delivery business, which aims to provide healthcare, e-commerce and grocery delivery among other services. It’s ultimate aim is to create “logistical highways in the sky,” according to a statement by Plümmer.

The key to this delivery nirvana, the company claims, is its patented tilt-rotor propellant mechanism that combines the advantages of two drone types — the multicopter, which gives drones their smooth vertical take-off and landing capabilities and the ability to hover precisely in the air, with the fixed wing, which provides fast flight times over long distances.

The new model Wingcopter 198 has a top speed of 93 miles an hour and can carry payloads up to 13 pounds for a distance of about 47 miles from a single battery charge. It can travel up to 68 miles when carrying lighter cargo, the company said.

Plümmer explained that the tilt-rotors can also automatically respond to gusts of wind and other inclement weather conditions. Its architecture includes eight motors for redundancy and safety reasons.

Image Credits: Wingcopter

 

The drones, which are equipped with sensors and software to avoid obstacles and drop parcels at designated sites, are all automated. This level of automation allows one human operator to monitor and control up to 10 of these new drones from a computer equipped with Wingcopter’s control station software anywhere in the world. Plümmer explained that running the drones is a simple as the operator pressing ‘start’ on the software program from anywhere in the world.

Plümmer also touted the scalability of the tilt-rotor system, noting that it could be applied (theoretically) to a larger aircraft to carry cargo, or even human passengers.

“It’s just a cost factor,” Plümmer said, noting that the company already employs people who have the experience in aviation and aerial engineering required to one day take the tilt-rotor aircraft to scale. “However, we thought, let’s start with the smaller version … get these 1000s of [flight] hours, 1000s of kilometers, and take these learnings into every next generation of Wingcopter so they will constantly get bigger, first for cargo, later for mobility.”

Plümmer said they’ve drawn a hard line at working with any company or government institution that would use their drones for military or surveillance purposes.

“It’s mainly moral,” he said of the objection. “We believe it would be really not fitting to our vision. Our vision is to save lives and improve life by using drone technology and drone solutions.”

Looking to the future, the company is currently pursuing a type certification from the Federal Aviation Administration, which would allow it to operate commercial flights in the United States. If they receive this certification, they will be one of only a handful of competitors operating in the space. They’ve also set their sights on another funding round, fresh of the heels of a $22 million Series A round in January. The company has around 120 employees but with an additional injection of capital in a Series B, it could hire people with expertise in AI, piloting and production.

News: Mobile bank Current raises $220 million Series D, triples valuation to $2.2B

U.S.-based challenger bank Current, which has now grown to nearly 3 million users, announced this morning it has raised a $220 million round of Series D funding, led by new investor Andreessen Horowitz (a16z). The funding swiftly follows Current’s $131 million Series C at the end of last year, at which point the company had

U.S.-based challenger bank Current, which has now grown to nearly 3 million users, announced this morning it has raised a $220 million round of Series D funding, led by new investor Andreessen Horowitz (a16z). The funding swiftly follows Current’s $131 million Series C at the end of last year, at which point the company had doubled its user base over just six months to over 2 million users.

As a result of the new roud, the fintech company has roughly tripled its valuation in five months’ time to $2.2 billion.

Other participants in the round include returning investors Tiger Global Management, TQ Ventures (the fund managed by media executive Scooter Braun), Avenir, Sapphire Ventures, Foundation Capital, Wellington Management and EXPA. David George, who led the round with a16z, will become a Current board member.

Current began its life as a teen debit card controlled by parents, but later expanded to offer personal checking accounts powered by the same underlying banking technology. Like a range of modern-day “neobanks,” or digital banks, the Current app offers a baseline of standard features like free overdrafts, no minimum balance requirements, faster direct deposits, instant spending notifications, banking insights, free ATMs, check deposits using your phone’s camera and more. It also last year launched a points rewards program in an effort to better differentiate its service from the growing number of competitors and became one of the first banks to transfer the early round of stimulus payments during the pandemic.

These days, Current is partnering with creators, like the recently announced MrBeast (aka Jimmy Donaldson), who said last week on his YouTube channel that he will personally send $1 to every 100,000 people who sign up using his Creator code. MrBeast is also an investor.

Like other fintechs in its same space, Current has benefitted from the younger generation’s adoption of mobile banking apps instead of larger, traditional banks, who they feel don’t serve their interests. Its average customer age is 27, for example. Digital banks can keep costs down by not having to pay for the overhead of brick-and-mortar locations, allowing them to roll out benefits like reduced or zero account fees and other consumer-friendly protections.

Current today continues to offer teen banking, in a challenger to mobile banking app Step, which has also leveraged social media influencers to get the word out with a younger demographic. But Step today is appealing to the 13 to 18-year old crowd directly, offering banking services and a secured card. Current, meanwhile, targets its service to the parents.

Its teen account costs $36 per year, while personal checking is available both as a free and premium ($4.99/mo) service. The company in the past has said its primary focus is the over 130 million Americans who live paycheck to paycheck.

Current says the new funds will be used to grow the company and its member base as it expands it range of banking products. One key area of new investment will be cryptocurrency, it says.

“This new generation of customers doesn’t want to bank in physical branches,” said a16z’s David George, in a statement. “We believe there will be a shift in the next 10 years to mobile and consumer-focused banking services powered by innovation in technology, and with Current’s exceptional growth over the past year, they’ve clearly demonstrated they’re at the forefront of this trend. Their product is among the best in the market, and they have proven an ability to reach customers who previously were unserved or underserved by traditional banks,” he said.

News: Location data analytics startup Placer.ai raises $50M Series B

It’s been a very tough year for Placer.ai’s core customer segments of retail and commercial real estate, to put it mildly. But the foot traffic and location analytics startup saw growth in new categories, including consumer packaged goods (CPG) and hedge funds that use its tech to perform due diligence. The Los Altos, California-based company

It’s been a very tough year for Placer.ai’s core customer segments of retail and commercial real estate, to put it mildly. But the foot traffic and location analytics startup saw growth in new categories, including consumer packaged goods (CPG) and hedge funds that use its tech to perform due diligence. The Los Altos, California-based company announced today that has raised a $50 million Series B led by Josh Buckley, the chief executive officer of Product Hunt. Participants included Fifth Wall, Rahul Vohra and returning investors JBV Capital and Aleph VC.

The new capital will be used on research and development and expanding Placer.ai’s sales and marketing teams. Its last funding announcement was in January 2020 for a $12 million Series A.

Placer.ai collects geolocation and proximity data from devices that are enabled to share that information by their users, and creates anonymized and aggregated consumer profiles. Since its launch, the company’s key customers have been offline retail businesses, shopping centers, hotels and other brick-and-mortar businesses that use it to analyze foot traffic, the success of marketing campaigns and location performance. Placer.ai’s co-founder and chief executive officer Noam Ben-Zvi said he expected the COVID-19 pandemic to be challenging as people stayed away from stores and purchased online instead.

But adoption of Placer.ai’s tech increased among several new segments, including CPG and hedge funds, and it is continuing to expand in retail and commercial real estate as companies plan ahead.

The company’s CPG clients use its tools for market analysis, refining category management or promotion strategies and tracking product performance. Ben-Zvi expects its CPG customer base to continue growing as more brands, like direct-to-consumer labels, open their own stores.

Placer.ai’s hedge fund clients use it to research potential investments. “Because data is in near real-time, reliable and very granular, it allows investors to quickly identify signals that speak to the true offline health of any brand. But there is also a qualitative data element that allows strategic initiatives to be thoroughly analyzed,” Ben-Zvi said in an email.

“For example, we looked at CVS Health Hubs when they were in their pilot stage in a handful of locations. When the company announced that they would be rolling this out to over a thousand branches, investors had a strong sense of the potential,” he added. “The ability of the data to fuel both quantitative and qualitative analysis at a very high level is a powerful combination.”

For retail and commercial real estate users, “the situation ahead is going to be turbulent, and data is going to play a fundamental role in confidently navigating the changing environment and driving effective decision making,” said Ben-Zvi. Commercial real estate owners need to make sure the mix of tenants in their properties are compelling enough to draw in shoppers, and understand how they are faring against competitors. Some retailers are focused on expansion, while others are testing new concepts and formats.

In a press statement about his investment, Buckley said, “Placer allows businesses that operate offline to make data-driven decisions, fundamentally improving the way they operate. This is the same type of tooling that online businesses have used to grow, moving from hunches to definitive answers. I’m excited to be partnering with the company’s next phase of growth and product development.”

 

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